The New Mexico Lottery Authority has posted a record $137 million in revenues for its fiscal year 2003 ending June 30, 2003, an increase of $3.1 million over the previous year.
Its net earnings, or profit, totaled $33.1 million for the year, compared with $29.6 million, in its fiscal 2002 year.
"We had a tremendous year," says Tom Shaheen, CEO of the New Mexico Lottery. "We were a little surprised given the state of the world and the economy, but we're happy and hope to keep [the earnings] up."
The net earnings are equal to about 3,000 additional scholarships for students attending two- or four-year colleges in the state, said Shaheen.
"This means more money to ensure the longevity of the Lottery Success Scholarship program," said Shaheen.
Higher Powerball jackpots, and changes made to its Pick 3 and a variety of instant ticket (scratcher) games, account for the record performance in sales and profit for the year, said Shaheen.
New Mexico Lottery officials state that this is the sixth consecutive full year of sales increases. Additionally, the Lottery has set net earnings records for five of its seven full fiscal years.
In its fiscal year 1996, which was its first full fiscal year, the New Mexico Lottery reported $28.5 million in revenues, and $6.3 million in net earnings.
Since the Lottery began in April 1996, more than $181 million has been raised for New Mexico education.